Srinagar, Feb 01: Union Finance minister, Nirmala Sitharaman in her fourth consecutive budget address presented the Union Budget for the coming Fiscal Year, 1 April, 2022. In the “briefest ever” budget address, Infrastructure emerged as utmost priority for the current government since 2022-23 budget largely focused on investment oriented economic growth, with the increased capital expenditure of Rs. 7.5 lakh crore. Further, with the “digital-first” approach, the RBI is set to introduce a digital Rupee in the next fiscal year using a digital currency while acknowledging cryptocurrencies, government has decided to levy 30% tax on income from digital assets. Budget propose 400 energy-efficient trains on track including 8 ropeway projects to ease congestion in hilly areas and promote tourism in 2022-23.
However, in the second consecutive paperless budget, no mention of personal income tax was made. Also mention of any committee for making Minimum Support Price , announced by PM Narendra Modi on Nov 19was exempted from the budget speech.
The UT of Jammu & Kashmir received a budget of Rs. 35581 crore for the next fiscal year, of which 33923 crore are allocated to meet the revenue deficit and resource gap of the UT.Rs. 279 crore are granted as UT disaster response fund and Rs. 273 for rehabilitation the the Dal Lake and the Nigeen Lake, And Rs. 500 crore for the capital expenditure of the UT.
